The pandemic is acting as a launchpad for developers to expedite creating the future of real estate now.
In early 2020, the world was flipped on its head, unveiling countless opportunities for investors, developers, enterprises and individuals alike. Unlike 2019 - when life was as we knew it - 2020 has forced businesses to reassess the status quo while being presented with the unique opportunity to reset for the future.
This includes the commercial real estate industry and redevelopments, where the existing trajectory and developer eagerness to cater to the modern lifestyle was well and truly underway pre-pandemic.
"Active developers and investors are in a powerful position, given the knowledge the current climate has unveiled relating to occupier needs, along with new government requirements and insights."
Now, recent events have accelerated the need for the building of the future. Active developers and investors are in a powerful position, given the knowledge the current climate has unveiled relating to occupier needs, along with new government requirements and insights.
The pandemic is acting as a launchpad to expedite creating for the future. To ensure market attractiveness, boost value and draw healthy, long-term, commercial benefits, there are several vital aspects for developers to consider and incorporate into new builds and potential redevelopments.
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The Workplace
The workplace has fundamentally changed forever, with remote working now a proven norm and flexible workspace options rising in popularity.
The central business district (CBD) will remain the shining beacon and front-and-centre in terms of preferred office location, taking into consideration the area's established foundations, seamless accessibility and talent attraction aspect. That said, split office and de-centralisation are now a part of the equation.
The Workspace
Four months ago, the new workspace concept had yet to exist. The undeniable focus on health and safety refreshingly brings opportunities to introduce changes for greater efficiency in the use of space. This creates a more engaged workforce, which fundamentally contributes to the bottom line.
With social distancing, de-densification and the delivering on employee health and well-being becoming strategic imperatives, workplaces need to evolve to contribute to these goals.
"With the workplace set to evolve, developers and occupiers alike are considering whether the office will be a place to work or a place to meet, and factoring this into development designs."
From automated workplace monitors, space optimisation solutions and ergonomic workstation design, a steady stream of innovations can help businesses operate more efficiently, comply with emerging regulations and deliver wellness, sustainability and efficiency.
The Work Pace
The pace at which we now work and the space we require to do work have shifted dramatically; we will be working in smart, intelligent spaces.
Sophisticated technology solutions will be mandatory in new builds, such as automation of touchpoints, contactless and seamless entry and exit, and digitised hygiene measures being top of mind. Developers and investors will be looking at flexibility in technology to decrease real estate costs and improve building efficiency overall.
Additionally, connected devices and cloud-delivered enterprise services will accelerate the adoption of the Internet of the Workplace (IoW), enhancing productivity and collaboration.
"We are now equipped with how the future will look based on critical insights learnt over the past four months. Enthusiastic developers and investors are already one step ahead to start creating an attractive asset for the future now."
With the workplace set to evolve, developers and occupiers alike are considering whether the office will be a place to work or a place to meet, and factoring this into development designs.
A Crave for Community
The pandemic has boosted community spirit, creating a strong desire for ongoing human interaction and solidarity; this is an aspect which will translate into the day-to-day life in Singapore’s CBD.
Before the pandemic, retail malls had emerged as the primary meeting, entertainment and community spaces in Singapore. This trend will be accelerated, with experiential retail becoming more prevalent and taking off. Gyms, fitness studios, education centres, entertainment operations, social kitchens, makerspaces and gourmet food concept will attract growing footfall and satisfy the craving for community interaction.
We are now equipped with how the future will look based on critical insights learnt over the past four months. Enthusiastic developers and investors are already one step ahead to start creating an attractive asset for the future now.
We like to think there are perks which have arisen from the pandemic, and this is definitely one of them.
Check in with Colliers' Investment experts today to discover opportunities available to create the future of real estate.
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- Building for the future
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